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Finance Minister Due to various policy measures undertaken by the present Government Indian Economy has achieved robust growth rate despite volatility and uncertainty in global economy; asks Captains of Indian Trade and Industry to come forward and make increased Private Investment especially in Infrastructure Sector

News and Press Release - Dated:- 7-1-2016 - The Union Finance Minister Shri Arun Jaitley said that in the first half of the Current Financial Year 2015-16, the Indian Economy has achieved robust growth rate despite volatility and uncertainty in global economy. He said that this was made possible by a slew of policy measures undertaken by the present Government including enhanced public investment, kick starting stalled projects, improving the status of financial inclusion significantly, improvin .....

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is third Pre-Budget Consultative Meeting with the representatives of Industry and Trade Groups here. The Union Finance Minister Shri Arun Jaitley said that the Government will continue to expand public spending even during the next financial year despite the major financial implications of the recommendations of the 14th Finance Commission which reduced the share of the Central Government by 10% and its forthcoming financial obligations due to implementation of One Rank One Pension (OROP) and 7t .....

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onomic activity. Other suggestions included focus on disinvestment of public sector undertakings by the Government to raise additional revenue and to reduce Government borrowings which, in turn, will make more money available for the private sector to borrow. Other suggestions included reduction in subsidy outflows and direct payment of fertilizer subsidy to farmers. Suggestions were made that 7th Pay Commission recommendations be implemented in staggered manner and tax collections be increased .....

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to avoid any discrepancies and discretions in tax administration and implementation of GST at the earliest. Other suggestions include measures be taken to revive private sector investment especially in infrastructure sector through NIIF, use of Infrastructure Finance Companies like IIFCL to rebuilt the capacity of the private infrastructure sector by making it easier for them to raise funds. Bank guarantees be replaced by bid bonds or surety bonds for companies which, in turn, will help them ge .....

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parks. Suggestions were made that in order to Make in India and Ease of doing Business successful, measures may be taken to reduce the cost of doing business for which we need to improve infrastructure and reduce credit cost. To deal with the problem of NPA, recapitalization of banks be done through offering of shares to public. As regards tax matters, it was suggested that no appeal should be made where the two consecutive orders are in favour of the assesse except in rare situation and assess .....

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yed payments, rationalization of exemptions and allowances and reduction in tax rates, reduction in corporate tax be extended to partnership firms etc. It was suggested that measures be taken to uplift the power sector which is facing a challenging time, credit to MSME sector be boosted, Mid Day Meal Scheme may be scrapped due to large scale seepages and non-transparency in the implementation of the same. Suggestions were made to boost the exports, especially the MSME exports. It was suggested t .....

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